The government missed its treasury bills target for the fourth consecutive week as investors continued their shift towards high-yielding instruments, including fixed deposits.
According to auction results by the Bank of Ghana, the government T-bills were undersubscribed by nearly 49%.
The Treasury received only GH¢3.2 billion of the bids tendered, as against a target of GH¢6.7 billion.
This shows that demand for government securities has dwindled sharply in recent weeks.
Once again, the majority of the bids came from the 91-day bill. About GH¢2.05 billion was tendered, representing 58.39% of the total bids. The uptake was GH¢2.01 billion.
For the 182-day bill, GH¢1.14 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.12 billion.
In contrast, GH¢321.06 million was tendered for the 364-day bill. About GH¢184 million was accepted.
Meanwhile, the yield went down across the curve.
The 91-day bill decreased by 35 basis points to 10.41%.
That of the 182-day bill also went down to 12.37% from 12.38% the previous week.
The yield on the 364-day bill also decreased by a basis point to 12.99%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.053bn | 2.013bn |
| 182 Day Bill | 1.142bn | 1.127bn |
| 364 Day Bill | 321.06mm | 194.51m |
| Total | 3.316bn | 3.335bn |
| Target | 6.723bn |